May 15, 2014
|

by David Jackson, USA TODAY

by David Jackson, USA TODAY

President Obama and first lady Michelle Obama listed assets valued at about $2 million to $7 million, according to a financial disclosure report released Thursday.

Vice President Biden also filed his annual financial disclosure statement and listed assets valued at $276,000 to $940,000, including a rental property owned jointly with his wife, Jill.

"The Ethics in Government Act of 1978 requires high-level federal officials to publicly disclose their personal financial interests," said a White House blog post by spokesman Jay Carney. "The public filing system serves to prevent financial conflicts of interest by providing for a systematic review of the finances of government officials."

Presidents and other officeholders are required to list assets, but the form provides wide ranges on the values of those assets.

In declaring "U.S. Treasury notes," Obama checked the box valuing them at $1,000,001 to $5 million.

In addition to various bank accounts, index funds and college savings plans, Obama declared royalties from his books Dreams From My Father, The Audacity of Hope and Of Thee I Sing: A Letter To My Daughters.

The asset ranges added up to $1.95 million to $7.15 million for the president.

The Obamas listed only one liability, the mortgage on their home in Chicago.